Kuwait kept the dinar reference rate unchanged for a second day on Wednesday after the dollar hit a six-week high against the yen and made some losses versus the euro. The dinar will trade around a mid point of 0.27450 per dollar, unchanged from the day earlier, the central bank said.
The currency of Kuwait, the Middle East's fourth-largest oil exporter, has risen 5.33 percent since May 19, a day before the central bank started tracking a basket of currencies. Kuwait has declined to give the composition of the basket. In late New York trading on Tuesday, the dollar had risen 0.23 percent against the yen and was down 0.26 percent against the euro.
Kuwait's central bank said the dollar's decline on global markets was driving up inflation and making some imports more expensive. Kuwait pays for more than a third of its imports in euros.